We examine the global properties of the stellar and H I components of 229 low H_I mass dwarf galaxies extracted from the ALFALFA survey, including a complete sample of 176 galaxies with H_I masses <10^(7.7) M_☉ and H_I line widths <80 km s^(–1). Sloan Digital Sky Survey (SDSS) data are combined with photometric properties derived from Galaxy Evolution Explorer to derive stellar masses (M_*) and star formation rates (SFRs) by fitting their UV-optical spectral energy distributions (SEDs). In optical images, many of the ALFALFA dwarfs are faint and of low surface brightness; only 56% of those within the SDSS footprint have a counterpart in the SDSS spectroscopic survey. A large fraction of the dwarfs have high specific star formation rates (SSFRs), and estimates of their SFRs and M_* obtained by SED fitting are systematically smaller than ones derived via standard formulae assuming a constant SFR. The increased dispersion of the SSFR distribution at M_* ≲ 10^8 M_☉ is driven by a set of dwarf galaxies that have low gas fractions and SSFRs; some of these are dE/dSphs in the Virgo Cluster. The imposition of an upper H_I mass limit yields the selection of a sample with lower gas fractions for their M_* than found for the overall ALFALFA population. Many of the ALFALFA dwarfs, particularly the Virgo members, have H_I depletion timescales shorter than a Hubble time. An examination of the dwarf galaxies within the full ALFALFA population in the context of global star formation (SF) laws is consistent with the general assumptions that gas-rich galaxies have lower SF efficiencies than do optically selected populations and that H_I disks are more extended than stellar ones
